Choosing a best rate mortgage
One of the best ways to deal with the myriad of best rate mortgage options that seem to be offered currently is to take time to write down, in bullet point format, your situation and credentials in one column and your requirements from a mortgage facility in another column. For example, make a note of the amount you want to borrow, the value of the property, any credit issues or unusual circumstances such as large renovation requirements or the intention to use the property as a buy to let.
Considerations of sourcing the best rate
Consider what you want the mortgage to offer you. What is important in the short-, medium- or long-term Are you looking for the cheapest possible monthly payments immediately, or is it more important to have a smoothed payment plan over 5 or 10 years Are you able to pay up-front fees or larger deposits or do you require cash back How long are you prepared to be tied into the mortgage
Once you have laid out your situation and your requirements, you are in a much better position to ascertain whether the advertised best rate mortgage is in fact available to you and, if it is, whether or not it offers you the required facilities.
Mortgage brokers access whole of market
In many cases, it may be that it is prudent to enlist the assistance of an independent mortgage broker as they are able to look at the entire market and make the necessary recommendations and calculations on your behalf. By taking your lists to the broker, they will be very clear on your requirements and will be much more likely to find the best rate for you.